Ztem Survey Identifies Major Structural Signature At Kirkham Property, Extends Hawilson Porphyry Corridor To 11 Km

Nickolas Dudek, Metallis' Chief Geologist, stated "The 2021 ZTEM survey has provided us with some exciting results. Primarily, it highlighted a very distinctive resistivity signature related to the structural controls of the mineralized Hawilson Monzonite. This signature of low-resistivity "breaks" in the overlying high-resistivity similar to what we see at Cliff-Miles, can be tracked several kilometers linearly to the North. These "breaks" will be followed up with in-field evaluation this year." He went on to add "What is encouraging about this update is that we have seen several world class porphyry deposits such as Red-Chris or Cadia occur along similar linear trends."

Survey Highlights

• The structural break, empirically related to the emplacement of the Porphyry and Epithermal mineralization, can be traced for 11 km;
• The structural break occurs in sub-parallel doublets or triplets and has defined 5 new ZTEM targets in the style of the Hawilson Monzonite signature along the 11 km linear trend (Click Here to View Linear Trend Size Comparable Graphic); and
• These signature breaks, along with several other previously identified targets are slated for in-field follow-up this season.

The ZTEM results at Cliff-Miles define a distinctive 4-km long resistivity break which is empirically related to the mineralized Hawilson Monzonite (Click Here to View Cross Section). This break interrupts the higher resistivity Hazelton Group in the more elevated Western parts of the property (example Mt. Dunn), and the lower resistivity signature related to the exposed and underlying Stuhini Group in the East (example King, Hawilson Lake, or immediately West of the Harrymel Fault). The Adam Fault, its low-resistivity Stuhini footwall, and the theoretically eroded anticlinal axes, are the causes of the resistivity break.

The signature of this resistivity break, particularly in cross-section, has been used as a template for further regional exploration on the Property. This distinctive break has been intermittently traced seven kilometers to the North of the Cliff-Miles Porphyry Complex - now giving a total strike length of 11 km (Click Here to View Figure 1).

Furthermore, the structural breaks occur in sub-parallel doublets or triplets and are presently interpreted as gently folded stair-stepping faults and grabens / half-grabens related to the Eskay Rift. These newly identified breaks in the high-resistivity Hazelton, (additional Cole targets, Louis targets, and Vera), as well as several previously identified targets with a ZTEM response, warrant in-field evaluation in 2022 (prospecting, mapping, soil-sampling) with an objective of finding Porphyry and Epithermal mineralization.

Future ZTEM news will address the Thunder North target which is immediately adjacent to Garibaldi's Nickel Mountain discovery.

The Survey, conducted by Geotech Ltd., comprised a total of 879 line-kms of ZTEM and magnetometer data collection and covered most of the 106 sq. km Property (Click Here to View Survey Coverage in Figure 2). Additionally, this survey extended, by agreement, a short distance onto adjacent lands held by Garibaldi Resources Corp. to the north and Eskay Mining Corp. to the east.

ZTEM is an airborne electromagnetic survey system that measures variations in the naturally occurring electromagnetic properties of rocks produced by thunderstorms around the world. This magnetic field is planar - constant in all directions - but areas of highly conductive or very resistive rock will cause measurable disruptions.

Highly resistive or highly conductive rock types can include ore deposits, faults, and alteration zones. ZTEM surveys are designed to map resistivity/conductivity contrasts to great depths, exceeding 1-2 km, making ZTEM well-suited to finding porphyry-hosted and structurally controlled exploration targets at depth.

Not all structures are highlighted in the ZTEM survey, but the contrasting high-resistivity Hazelton and low-resistivity Stuhini makes structures between them more readily apparent.

The survey data was analyzed and interpreted by Company Geophysicist Jules Lajoie who generated a 3D resistivity voxel that the geological team used to correlate the resistivity features with the geological setting.

David Dupre, P.Geo, Vice President - Exploration and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the technical information contained in this release.

The wholly-owned 106 sq. km Kirkham Property is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle's prolific Eskay (Sulphurets) Camp. The Property is prospective for multiple mineral deposit types and is located along a strategic geological boundary - the "Red-line" exposed on the western margin of the Eskay Rift system in the Golden Triangle region of northwestern British Columbia.

The Kirkham Property is contiguous to Garibaldi Resources Corp.'s E&L Nickel Mountain Project in the north and Eskay Mining Corp. to the east. The property is within 12 km of the Eskay Creek mine while the eastern border is within 12 - 20 km of Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.

Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel, and silver at its 100%-owned Kirkham Property situated in northwest British Columbia's Golden Triangle. Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. The Company currently has 52,839,878 common shares issued and outstanding.

On behalf of the Board of Directors:

/s/ "Fiore Aliperti"

Chief Executive Officer, President, and Director

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SOURCE Metallis Resources Inc.



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